Core Viewpoint - The company, HLA (海澜之家), is initiating plans for a Hong Kong listing to enhance its global strategy and accelerate overseas business development, with a focus on diversifying its capital operation platform [2] Group 1: Overseas Expansion - HLA's overseas revenue has significantly increased from 6.1684 million in 2017 to 355 million in 2024, with a 27.42% year-on-year growth in the first half of 2025 [2] - The company has expanded its international presence in Southeast Asia and is exploring new markets in Central Asia and the Middle East, with plans to open its first store in Australia [11][12] - As of the first half of 2025, HLA has 111 overseas stores, with overseas revenue accounting for only 1.83% of total revenue [14] Group 2: Financial Performance - In the first half of 2025, HLA's revenue grew by 1.73% to 11.566 billion, but net profit decreased by 3.42% to 1.580 billion, indicating challenges in performance [3] - The company's revenue from its main brand, HLA, accounted for approximately 75% of total revenue in the first half of 2025 [5] - HLA's historical revenue from 2020 to 2024 showed fluctuations, with figures of 17.959 billion, 20.188 billion, 18.562 billion, 21.528 billion, and 20.957 billion, reflecting a mixed growth trajectory [3][4] Group 3: Strategic Initiatives - HLA has diversified its brand portfolio since 2021, including women's brand OVV, trendy brand HLA JEANS, and children's brand YeeHoO, alongside exclusive partnerships with international brands [3] - The company is investing in the sports sector, acquiring a 51% stake in a brand management company for 248 million, and has opened 529 Adidas stores in China [6][7] - HLA is collaborating with JD.com to create a new retail format, "JD Outlet," to tap into the high-value consumer market, with 23 stores established as of mid-2025 [8]

Core Viewpoint - The company, HLA, is initiating a plan for a Hong Kong listing to enhance its global strategy and accelerate overseas business development, with a focus on diversifying its capital operation platform [1] Group 1: Overseas Expansion - HLA's overseas revenue has significantly increased from 6.1684 million in 2017 to 355 million in 2024, with a 27.42% year-on-year growth in the first half of 2025 [1] - The company has expanded its presence in Southeast Asia, including Malaysia, Thailand, Vietnam, and Singapore, while also exploring new markets in Central Asia and the Middle East [1][8] - As of the first half of 2025, HLA has opened 111 overseas stores, with overseas revenue accounting for only 1.83% of total revenue [8][6] Group 2: Business Transformation - HLA is transitioning from being a "men's wardrobe" to a "family wardrobe" by implementing a multi-brand and multi-category strategy, which includes women's wear, children's wear, and sportswear [2] - Despite a 1.73% year-on-year revenue growth to 11.566 billion in the first half of 2025, the company's net profit attributable to shareholders decreased by 3.42% to 1.580 billion, indicating challenges in performance [2][3] - The main brand, HLA, contributed approximately 75% of the company's main business revenue in the first half of 2025, highlighting its significance in the overall revenue structure [4] Group 3: Financial Performance - HLA's revenue from the main brand has consistently accounted for over 70% of total revenue from 2020 to 2024, with figures of 137.68 billion, 151.33 billion, 137.53 billion, 164.58 billion, and 152.70 billion respectively [4] - The company's financial performance has shown volatility, with significant fluctuations in both revenue and net profit from 2020 to 2024, compared to its peak in 2019 [3][4] - The company has invested 248 million in acquiring a 51% stake in a sports brand management company to enhance its sports segment and has established 529 Adidas stores in China as of the first half of 2025 [4][5]

Core Viewpoint - The company, HLA (海澜之家), has initiated plans for a Hong Kong listing to enhance its global strategy and accelerate overseas business development [2][3]. Group 1: Overseas Expansion - HLA's overseas revenue has significantly increased from 6.1684 million in 2017 to 355 million in 2024, with a 27.42% year-on-year growth in the first half of 2025 [3]. - The company has expanded its overseas presence, opening its first store in Malaysia in 2017 and subsequently entering markets like Laos and the Philippines [8][9]. - As of the first half of 2025, HLA operates 111 overseas stores, although overseas revenue only accounted for approximately 1.83% of total revenue [11][12]. Group 2: Financial Performance - In the first half of 2025, HLA's revenue grew by 1.73% to 11.566 billion, but net profit decreased by 3.42% to 1.580 billion, indicating challenges in performance [4]. - The company's revenue from the main brand, HLA, contributed approximately 75% of total revenue in the first half of 2025 [6]. - Historical revenue figures show fluctuations, with total revenues of 17.959 billion, 20.188 billion, 18.562 billion, 21.528 billion, and 20.957 billion from 2020 to 2024, reflecting a volatile growth pattern [4]. Group 3: Strategic Initiatives - HLA is transitioning from a men's clothing brand to a family-oriented brand, introducing multiple brands and categories since 2021 [3]. - The company has invested 248 million in acquiring a 51% stake in a sports brand management company to enhance its sports product offerings [6]. - HLA has partnered with JD.com to create a new retail format, "JD Outlet," to tap into the high-value consumer market [7].

Core Viewpoint - In 2024, HLA's revenue and net profit declined due to a slower-than-expected recovery in the consumer market, with a significant drop in net profit by 26.88% year-on-year. However, the first quarter of 2025 showed unexpected growth, with a net profit of 935 million yuan, up 5.46% year-on-year [1][2]. Financial Performance - In 2024, HLA achieved a revenue of 20.957 billion yuan, a decrease of 2.65% year-on-year, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [2]. - The main revenue contributors, pants and T-shirts, saw significant declines in revenue and gross margin, with pants revenue at 3.766 billion yuan (down 12.14%) and T-shirts at 2.918 billion yuan (down 8.20%) [2]. - Inventory levels increased notably, with pants and T-shirts inventory rising by 22.30% and 19.03%, respectively, and shoe inventory surging by 143.28%. Total inventory at the end of 2024 reached 11.987 billion yuan, up 28.38% [2]. Store Operations - In 2024, HLA experienced a significant number of store closures, with 431 franchise stores closed compared to 78 new openings, while direct stores saw 341 new openings and 125 closures. By the end of 2024, there were 1,468 direct stores and 4,365 franchise stores [2]. - Direct stores contributed significantly to gross profit, with a gross margin of 62.85%, compared to 40.95% for franchise and other stores [2]. Sales Channels - HLA's offline revenue declined from 17.496 billion yuan in 2023 to 15.743 billion yuan in 2024, with offline sales accounting for 78.08% of total revenue, down from 84.30% [3]. - Conversely, online sales grew significantly, reaching 4.419 billion yuan in 2024, an increase of over 30%, and accounting for 21.92% of total revenue [3]. - In the first quarter of 2025, online sales reached 1.014 billion yuan, up approximately 20%, contributing to a total revenue of 6.187 billion yuan, a slight increase of 0.16% year-on-year [3].